Their volumes amounted to 1.53 million tons and a total of approximately $1.5 billion, which is 33.8% and 35.2% higher than the July figures, respectively. Compared to August 2020, Vietnam's exports of steel products increased 2.5 times in value.
During the eight months of 2021, Vietnamese metallurgical companies shipped 8.54 million tons of steel abroad for approximately $7.1 billion, increasing supplies by 43.4 percent in tonnage and 127 percent in value compared to the same period last year.
The same eight-month purchasing volume reached $7.73 billion, up 42.6% year-on-year. However, with the deficit falling from $2.3 billion to $670 million in January-August 2020, Vietnam exported more steel products than it bought from abroad in the last two months. If this trend continues until the end of this year, the country will become a net exporter for the first time.
According to the eight-month results, Vietnam's steel exports to ASEAN countries amounted to approximately 2.7 million tons, which is about the same as last year, while supplies to China decreased by 13.2% to 1.8 million tons. Exports to the EU increased by 7.5 times compared to the eight months of 2020 to 1.43 million tons, exports to the USA increased by 4 times to 540 thousand tons.
The main growth in foreign supply came from hot rolled steel, which was sent abroad 2.5 times more than a year ago. Galvanized steel exports increased more than 2.1 times. According to the Vietnam Steel Association (VSA), 54% of galvanized steel and 20% of hot rolled steel produced in the country during this period were shipped to foreign customers in January-August.
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